No, its purely fictional.
In the story, the Tower was the glamorous Hollywood Tower Hotel. In real life it never was or is planned to be a real hotel.
Yes, at California adventures that is a ride.
The Hollywood Tower Hotel is featured in the "The Twilight Zone" episode titled "Tower of Terror." This episode originally aired as part of the show's revival series in 1997. It follows a group of people who become trapped in a haunted hotel where a tragic event occurred decades earlier. The story blends elements of supernatural mystery and suspense, characteristic of the original series.
It is a great ride but the Hollywood Tower Hotel is not nor has ever been a hotel anywhere other then...The Twilight Zone.
Tower of Terror
The twilight zone tower of terror is a thrilling drop ride at walt disney world, Disney's California adventure, and walt disney studios paris. The ride takes place in the haunted Hollywood Tower hotel, and when the doors of the elevator open, "You're in for the ride of your life!" At disney world the ride is enhanced, because you actually move from one shaft to a much taller one. Which ever one you ride, they are all great and thrilling!
Tower of Terror, based on the Twilight Zone Tower of Terror at Disney's Hollywood Studios. The film was created to promote the ride, which had opened three years earlier.In the film, a singer, her boyfriend, a child actress, her nanny, and a hotel bellhop plummet to their death when a lightning bolt strikes the hotel elevator on October 31, 1939. The bulk of the action takes place in modern day, where a reporter and his niece are investigating the since closed (and reportedly haunted) hotel.
Sally Shine got struck by lighting in the Hollywood Tower Hotel Elevator on a stormy night! Watch the movie Tower of Terror it's a ride at Hollywood studios! Watch it now! * If you have it*!
Blue Tower Hotel was created in 2007.
Dorint Hotel Tower was created in 1972.
AnswerThe Tower of Terror is 199 feet high at Walt Disney World because of http://www.answers.com/topic/federal-aviation-administration regulations that require a fixed red light beacon to be added to the top of any 200-foot or taller building. http://www.answers.com/topic/walt-disney-imagineering thought that the beacon would take away from the hotel's 1939 theme.
Leonardo City Tower Hotel was created in 2000.